Audit of the Federal Deposit Insurance Corporation for the Year Ended December 31, 1977

FOD-78-3: Published: Jun 8, 1978. Publicly Released: Jun 8, 1978.

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The financial statements of the Federal Deposit Insurance Corporation (FDIC) were audited for the year ended December 31, 1977, including an examination of statements of income and the deposit insurance fund, changes in financial position, and an analysis of the deposit insurance fund. The examination was made in accordance with generally accepted auditing standards and included such tests of the accounting records and other auditing procedures as were considered necessary.

The financial statements present fairly the financial position of FDIC at December 31, 1977 and 1976, and results of operations and changes in financial position for the years then ended in conformity with the principles and standards of accounting prescribed by the Comptroller General. The deposit insurance fund of $8 billion at December 31, 1977, represents net income accumulated since the fund's beginning in 1933 and is available to meet future losses. The fund is financially sound and adequate to meet potential losses that might result from problem conditions existing in specific insured banks at the end of 1977.

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